Analysis of Labour and Conservative Party Manifestos for the 2024 General Election

The UK General Election on 4 July 2024 is fast approaching, and the main political parties have now shared their visions for the future of the country. Labour, currently leading in the polls, is focusing on wealth creation, economic growth, and improving living standards without increasing income tax, VAT, or NI. On the other hand, the Conservative party is pledging to cut NI by 2p and abolish stamp duty land tax for first-time property buyers.

What do these manifestos mean for our finances? Labour’s pledge not to raise taxes may seem reassuring, but it also raises questions about where else the government might look to increase revenue. The party’s commitment to maintaining the state pension triple lock has both supporters and critics, with some calling for a review of its long-term viability.

Meanwhile, the Conservatives’ promise to cut NI could save working taxpayers up to £754 a year, but the implementation is set for 2027. Their stamp duty cuts for first-time buyers aim to address the housing affordability crisis, but some argue it may not be enough to solve the underlying issues in the property market.

As the election draws near, voters will have to weigh these promises and proposals carefully to determine which party’s vision aligns best with their financial interests. Stay informed and make sure to compare travel insurance quotes to protect your finances in all circumstances.